ComfortDelGro - OCBC Investment 2024-05-15: Broad-based Growth

ComfortDelGro - Broad-based Growth

Published:
ComfortDelGro (SGX:C52) | SGinvestors.ioComfortDelGro (SGX:C52)
  • ComfortDelGro (SGX:C52)'s 1Q24 revenue and operating profit increased 10.8% and 10% to S$1b and S$56m, respectively, with operating profit margin remaining fairly stable at ~5.5%. PATMI grew 23.8% y-o-y to S$40.6m.

A fourth consecutive quarter of y-o-y improvement

  • - Read this at SGinvestors.io -

Revenue growth driven by the Public Transport, Taxi & Private Hire, and Other Private Transport segments

Public Transport segment

  • - Read this at SGinvestors.io -

Taxi & Private Hire segment

  • Revenue and operating profit from the Taxi & Private Hire segment were up 8.2% and 38.6% y-o-y to S$148.3m and S$23.7m, respectively, as ComfortDelGro enjoyed higher commission rates and fares from its Singapore taxi business, and also benefited from lower rental discounts in Singapore and China.
  • However, operating profit margin was softer than expected at 15.7% (4Q23: 23.4%), with management citing seasonality (such as Lunar New Year especially for its China taxi business).
  • Booking volumes in Singapore were also lower at ~7m versus ~8m in 1Q23 due to heightened competition, despite our expectations of demand increase on the back of Taylor Swift’s The Eras Tour in Mar 2024.

Other Private Transport segment

  • Read more at SGinvestors.io.




Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.




Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-05-15



Read also OCBC's most recent report:
2024-08-15 ComfortDelGro - On The Right Track.

Price targets by 5 other brokers at ComfortDelGro Target Prices.

Listing of research reports at ComfortDelGro Analyst Reports.

Relevant links:
ComfortDelGro Share Price History,
ComfortDelGro Announcements,
ComfortDelGro Dividends & Corporate Actions,
ComfortDelGro News Articles





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